The Nigeria Education Loan Fund (NELFUND) planned by President Bola Tinubu’s administration to grant interest-free loans to students will be driven by technology, according to the Federal Government. 

In a move towards enhancing educational opportunities for the Nigerian youth, Tinubu has also instructed the NELFUND to extend interest-free loans to students pursuing skill development programmes. 

The President’s directive comes after a briefing from Mr. Akintunde Sawyerr, NELFUND Executive Secretary, on the imminent launch of the programme later this month, Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity said in a statement.

While emphasizing the inclusivity of the scheme, Tinubu said that the scheme will accommodate those who do not want to pursue a university education stressing that skill acquisition is as important as obtaining academic qualifications. 

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation. In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” the President said.

“No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions. There is no compromise in our commitment to the disadvantaged citizens of this nation,” Tinubu added.

Mr. Sawyerr assured that the loan application process would be technology-driven, minimizing human interaction and reducing the likelihood of maladministration in the programme.

“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bona-fide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilization of available technological platforms, in adherence to Your Excellency’s stated objectives,” Mr. Sawyerr during his presentation to the President.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), assured that funding sources have been secured to guarantee the smooth initiation and sustainability of the programme.

“Mr. President is permanently solving the problem of funding for education in Nigeria. By the directive of the President, the Education Tax Fund is being reviewed to additionally cater to the needs of our university students across all local government areas in the country as they seek to access vocational and traditional university education. Funding for the programme will be adequately covered,” Dr. Adedeji said.